PERSONAL FINANCE RESOLUTIONS FOR HOMEBUYERS

By Ilyce R. Glink and Samuel J. Tamkin

By Ilyce R. Glink & Samuel J. Tamkin

If you need a little help getting your own financial train back on

Only you can design goals and rewards that meet your financial, emotional and psychological needs. But researchers say our intuitive need for achievement and self-esteem could be the reason setting specific, challenging financial goals helps us get over the finish line.

PAY DOWN YOUR DEBT.

The basic plan typically plumbing and heating with many appliances. items from the list sure that you buy However, most home add coverage for Some warranties of a specific period and you pay for days later, you won't same problem.

With interest rates rising, carrying debt just got a lot more expensive. So, do yourself a favor and pay off your debt as quickly as possible.

Start with either the highest interest debt first or the smallest debt (which you can pay off quickly and then apply that amount toward the next smallest debt). Every dollar you prepay will effectively earn you that amount of interest, so consider each debt paid off a big win.

BUILD UP YOUR CREDIT HISTORY AND RAISE YOUR CREDIT SCORE.

Credit is the driver behind life's financial milestones. If you have good credit, you'll pay less to get what

So, pull a copy of your credit report from each of the three credit reporting bureaus, Equifax, Experian and Transunion. Look for errors and the reason why your score isn't higher. If you sign up on each bureau's website, you'll have access to tools and information that will help you better understand your credit and what you can do to improve it.

For example, if may include additional freezers, pools and appliances and home specific costs for plan. You may also platinum, gold or Be sure to read the specifically under Keep in mind year and you'll pay plan. But the home working order on agreed to). They broken) at closing. machine is on its buy a home warranty machine the week Interestingly, for plans now cover locks. With this rekey home will have new warranty from day

Before you whip reviews about these them online, check long they have been that do business minimum, their should be current. pay close attention a pattern indicating

LEARN SOMETHING NEW ABOUT MONEY THIS YEAR.

If you're looking your favorite internet warranty companies." comparisons of

PsycNet shows that if you set specific and challenging goals, you'll achieve higher performance than if you set easy goals, "do your best" goals, or no goals at all. If you apply Goal Setting Theory to your finances, you'll save more money if you target a specific number that feels just out of reach.

The trick is to set challenging goals, but design a system of rewards that makes you feel great when you've achieved them. For example, if you save $2,500, you can spend a portion of that to attend your best friend's destination wedding.

Last year, we challenged you to learn something new about money, and suggested NFTs and cryptocurrency. This year may well be remembered as the year crypto cratered, with four trading platforms declaring bankruptcy, including the iconic FTX, and Bitcoin trading at a more than 50% discount from its high.

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That doesn't mean you shouldn't learn something new this year. How about starting with the Secure 2.0 Act? It was included in the year-end spending bill, making it easier for many Americans to achieve our first financial resolution: saving more money.

We hope your closing goes well!

©2023 Ilyce R. Glink And Samuel J. Tamkin. Distributed By Tribune Content Agency, LLC.